Senator Barack Obama told the people of America that although times were troubled they should not fear or panic under the foreclosure attack. He said, “This is not the time for fear, it’s not a time for panic.” Last Thursday on 18th September he came forward with fresh ideas in the middle of the foreclosure tsunami tearing apart the nation.
Obama was scathing in his criticism on his rival Senator John McCain deriding his plans to fire the head of Securities and Exchange Commission if he won the elections. Obama reasoned that it would serve no purpose by going down the line and firing all trying to find out who is the guy that led to the foreclosure mess. “Don’t just get rid of one guy”” Obama added. He said that the whole administration should be got rid off. Somebody should be placed at the helm who will fight out for the people.
Obama found another point to ridicule McCain. The latter had said on Monday that the basis of America’s economy was strong. Obama said sarcastically “This comment was so out of touch that even George Bush’s White House couldn’t agree with it when they were asked about it. They had to distance themselves from John McCain.” Bush had often used the same language but his secretary refused to repeat it.
With the foreclosure crisis dominating the scene it is a contradiction in terms to say that the economy is strong. Big heads at Wall Street are rolling. The taxpayer’s money is being poured in to save them while thousands queue at the homes for those seeking shelter. The campaign heats ups as does the foreclosure numbers. Obama said that by the end of the week he would release new suggestions in Florida. Prominent members of his economic entourage were proceeding to Miami to meet Obama before the announcement.The financial markets are tottering. Obama had telephonic discussions with Ben Bernanke, the chairperson of the Federal Reserve, Mayor of New York Michael Bloomberg, Paul Volcker the former federal chief and former secretary of the treasury, Lawrence Summers. The billionaire Warren Buffet and former administration treasury secretary Paul O’Neill would participate by telephone.
The Hispanics are one of the worst affected by foreclosures. Obama stopped over at Rio Arriba County in New Mexico to allay their fears and reassure them. The votes of the minorities are vital to him and with foreclosures uppermost in their minds the issue is an open question.
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